Until transparency and governance practice in the region are enhanced, there will remain a major barrier to foreign direct investment in the Middle East, said Dr Omar Bin Sulaiman, Director General of the Dubai International Financial Centre Authority, whilst announcing the launch of a Regional Corporate Governance Institute.
Speaking at a Financial Services Workshop titled ‘Financing New Business Development in the Arab World’, Dr Omar Bin Sulaiman said that the removal of barriers to FDI was critical for the success of the entrepreneur.
“Transparency and governance is critical in delivering the knowledge, capital, and skills that will enable the region to diversify its economies away from oil and gas, and to grow the wealth of its people, which will lead to political and social stability," commented Dr Omar Bin Sulaiman.
He went on to observe that:
"As we raise our corporate governance levels, it will increase trust in the region’s financial sector, and contribute to attracting foreign direct investment, as well as encouraging local and regional banks to provide financing to SMEs and entrepreneurs.
"From here we would like to announce a new initiative, a Regional Corporate Governance Institute , which will help corporates, governments, and public and private sector bodies, on international best-practice in corporate governance.
“The existence of a regulatory best-practice regime on your doorstep gives you, the Arab world’s leading entrepreneurs, an opportunity. You are able, by engaging with international financial institutions in your region, as opposed to seeking opportunities abroad, to do business under the first world-class regulation regime ever to have existed in the Middle East."
Dr Omar Bin Sulaiman also urged YAL to consider the creation of mechanisms that will facilitate the Family Office concept in the region.
Mr Essam Al Janahi, Chief Executive Officer, Gulf Finance House, Bahrain, noted that:
“The Middle East in general boasts an entrepreneurial track record that is on a par with any in the world.
"However to ensure success in the long term, it is very important for young entrepreneurs to maintain a high standard in term of business plans and governance.”
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